Earnings Per Share

9 Months Ended

Nov. 30, 2019

13. Earnings Per Share

Basic earnings per share have been computed by dividing net earnings by the weighted average number of common shares outstanding during the applicable period. Diluted earnings per share reflect the potential dilution that could occur if stock options or other contracts to issue common shares were exercised or converted into common stock.

As of November 30, 2019, no options were outstanding. For the three and nine months ended November 30, 2018, all options were included in the diluted earnings per share computation because the average fair market value of the Company’s stock exceeded the exercise price of the options. The following table sets forth the computation for basic and diluted earnings (loss) per share for the periods indicated:

	Three months ended				Nine months ended
	November 30,				November 30,
	2019		2018		2019		2018
Basic weighted average common shares outstanding		26,010,571		26,189,917		26,034,617		25,744,344
Effect of dilutive options		—		12,513		—		12,487
Diluted weighted average common shares outstanding		26,010,571		26,202,430		26,034,617		25,756,831
Earnings per share
Net earnings - basic	$	0.41	$	0.40	$	1.14	$	1.14
Net earnings - diluted	$	0.41	$	0.40	$	1.14	$	1.14
Cash dividends	$	0.225	$	0.225	$	0.675	$	0.650